When people think of business opportunities they would like to pursue, what almost immediately pops up in their mind is rent, commuting to and fro the office, and managing employees.
Recent history with the pandemic has shown that you don’t need all of that to start a business. You can explore home-based business opportunities and work remotely — with your business headquartered at home.
Thanks to the internet and the fast-paced evolution in technology, you can enjoy flexibility in how you get your work done and decide where you want to work from. While you are at it, you should have it at the back of your mind that some home-based businesses may require you to convert a spare room into a mini-warehouse while other businesses can be run entirely online.
What is a home-based business?
As the name implies, a home-based business is a venture you can start and operate from home. Such business ventures can be full-time or a side hustles! What makes home-based businesses appealing and advantageous is that they offer an incredible work-life balance (which is ideal for stay-at-home parents), and they don’t cost fortunes to get started.
You also don’t have to worry about ridiculous overhead costs such as massive warehousing and tax deductions. And you can sell your products or services to both local and international markets.
Here is a list of home-based business opportunities you should look out for. Hopefully, you will find one or a couple of them endearing to your business sense.
- Sell homemade products
- Start a dropshipping business
- Buy wholesale products and sell online
- Offer online services
- Teach online classes
You have probably been at sea on how to get started with all of these business opportunities. How about we touch on each of them?
Sell homemade products
If you are good with your hands or you know someone who is, you should consider monetizing that hobby. Homemade products give you full control over virtually every aspect of the production. As such, making it cost-effective and easy to ensure high quality! You can also cater to the demand of a particular segment of your audience.
You can list your products on e-commerce platforms like Etsy or go-ahead to create your storefront. While you are at it, remember to check regulations concerning your products and ensure you comply with every requirement, especially if your products will be ingested or applied on the skin.
Start a dropshipping business
Unlike selling homemade products where you have to manage or hold inventory in your home, dropshipping doesn’t require holding inventory or shipping products to customers.
If you are learning about dropshipping for the first time, dropshipping involves finding reliable suppliers (either local or overseas) or manufacturers that sell affordable products and deliver the products to customers in good time.
The idea behind dropshipping is selling a third party’s products or services and keeping the markup. Basically, you scout for affordable sources of products you want to sell, add markup and sell to customers and place an order with the supplier. They will then package the products and deliver them to the customer.
How to succeed at dropshipping
To succeed in dropshipping, you should invest more time to curate products from different suppliers on your online store and add value to your offer by ensuring quality content and responsive customer service.
Then target underserved regions while been conscious of shipping costs. It would be best if you also targeted a new audience with the same products. For instance, you can sell the same LED shoes during music festivals. While the product remains the same, you will be dealing with a new audience every year.
Buy wholesale products and sell online
If you have access to manufacturers who can sell products to you in bulk, you can buy the products and sell them individually. Buying products in bulk often come at discounted rates, so you will be making decent profits when you sell the products individually.
It could be a product you saw on your trip overseas, and it’s not available in your local market. If you can identify a niche market and the products are easy to store and ship, why not seize the business opportunities and bring it home?
Offer online services
Did you know that services are easier to start as home-based businesses compared to products? However, services are limited by time because you have to meet your clients’ delivery time.
There are lots of services you can provide from the comfort of your home. You may decide to work with an organization as a freelancer or consultant or work based on appointments.
Some ideas to consider freelance writing, virtual assistance, graphics design, and personal training!
Teach online classes
If you are gifted with teachable skills, you can turn them into an online class. If you have something of value to share, you will always find a market for it.
This is where you monetize your expertise in any field. You could be teaching languages or hosting advanced marketing programs online. Your online class can also be themed after home maintenance tips. Just get creative and have a structure for your presentation.
So you don’t get overwhelmed, have a work plan and a dedicated workspace. Develop your communication skills and set work hours for yourself.